VANDEVELDE STEF: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
VANDEVELDE STEF
Largest movements
- Receivables within one year -€41,376
down €41,376 (-60.9%), from €67,952 to €26,575
of which Trade receivables: -€37,209
- Cash +€4,830
up €4,830 (+23.3%), from €20,698 to €25,527
mainly Receivables within one year (+€41,376) and Depreciation (+€15,301)
- Other debts -€20,828
down €20,828 (-66.8%), from €31,173 to €10,345
- Trade debts -€12,326
down €12,326 (-81.9%), from €15,054 to €2,729
- Debts after one year -€7,326
down €7,326 (-27.1%), from €27,044 to €19,718
- Profit (loss) carried forward +€2,986
up €2,986 (+13.8%), from -€21,686 to -€18,700
- Gross operating margin -€4,260
down €4,260 (-16.2%), from €26,322 to €22,061
- Financial income +€1,656
new in 2025: €1,656
- Depreciation +€400
up €400 (+2.7%), from €14,901 to €15,301
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €175,721 | €136,830 | -€38,891 | -22.1% |
| Fixed assets | 21/28 | €71,248 | €71,060 | -€188 | -0.3% |
| Tangible fixed assets | 22/27 | €71,248 | €71,060 | -€188 | -0.3% |
| Land and buildings | 22 | €42,418 | €35,972 | -€6,446 | -15.2% |
| Plant, machinery and equipment | 23 | €6,053 | €18,999 | +€12,945 | +214% |
| Furniture and vehicles | 24 | €22,777 | €16,089 | -€6,688 | -29.4% |
| Current assets | 29/58 | €104,473 | €65,771 | -€38,702 | -37.0% |
| Stocks and contracts in progress | 3 | €11,146 | €10,073 | -€1,073 | -9.6% |
| Stocks | 30/36 | €11,146 | €10,073 | -€1,073 | -9.6% |
| Amounts receivable within one year | 40/41 | €67,952 | €26,575 | -€41,376 | -60.9% |
| Trade receivables | 40 | €62,330 | €25,121 | -€37,209 | -59.7% |
| Other amounts receivable | 41 | €5,622 | €1,455 | -€4,167 | -74.1% |
| Cash at bank and in hand | 54/58 | €20,698 | €25,527 | +€4,830 | +23.3% |
| Deferred charges and accrued income | 490/1 | €4,678 | €3,595 | -€1,083 | -23.1% |
| Total equity and liabilities | 10/49 | €175,721 | €136,830 | -€38,891 | -22.1% |
| Equity | 10/15 | €93,726 | €96,712 | +€2,986 | +3.2% |
| Contributions | 10/11 | €49,605 | €49,605 | = | 0.0% |
| Reserves | 13 | €65,806 | €65,806 | = | 0.0% |
| Tax-exempt reserves | 132 | €37,500 | €37,500 | = | 0.0% |
| Distributable reserves | 133 | €28,306 | €28,306 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€21,686 | -€18,700 | +€2,986 | +13.8% |
| Amounts payable | 17/49 | €81,995 | €40,119 | -€41,877 | -51.1% |
| Amounts payable after more than one year | 17 | €27,044 | €19,718 | -€7,326 | -27.1% |
| Financial debts | 170/4 | €27,044 | €19,718 | -€7,326 | -27.1% |
| Amounts payable within one year | 42/48 | €53,489 | €20,400 | -€33,089 | -61.9% |
| Current portion of amounts payable after more than one year | 42 | €7,261 | €7,326 | +€65 | +0.9% |
| Trade debts | 44 | €15,054 | €2,729 | -€12,326 | -81.9% |
| Suppliers | 440/4 | €15,054 | €2,729 | -€12,326 | -81.9% |
| Other amounts payable | 47/48 | €31,173 | €10,345 | -€20,828 | -66.8% |
| Accrued charges and deferred income | 492/3 | €1,462 | - | -€1,462 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,901 | €15,301 | +€400 | +2.7% |
| Other operating charges | 640/8 | €3,036 | €3,008 | -€28 | -0.9% |
| Non-recurring operating charges | 66A | - | €2,091 | +€2,091 | |
| Gross operating margin | 9900 | €26,322 | €22,061 | -€4,260 | -16.2% |
| Operating profit (loss) | 9901 | €8,384 | €1,660 | -€6,724 | -80.2% |
| Financial income | 75/76B | - | €1,656 | +€1,656 | |
| Recurring financial income | 75 | - | €1,656 | +€1,656 | |
| Financial charges | 65/66B | €489 | €330 | -€158 | -32.4% |
| Recurring financial charges | 65 | €489 | €330 | -€158 | -32.4% |
| Profit (loss) for the period before taxes | 9903 | €7,895 | €2,986 | -€4,909 | -62.2% |
| Profit (loss) for the period | 9904 | €7,895 | €2,986 | -€4,909 | -62.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,895 | €2,986 | -€4,909 | -62.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 October 2026 via checked.be.